RECENT TRENDS ON ALLOCATION AND UTILIZATION OF BUDGET FOR AGRICULTURE SECTOR IN NEPALESE BUDGETARY PLAN
Samyam Pandit, Shiva Chandra Dhakal
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A budget is a financial plan that plays a pivotal role in the functioning of the state. This study looks at recent changes in the distribution and use of the budget for the agriculture sector during the last ten fiscal years. Following a review of the numerous journals, publications, budgets, and economic surveys available on the Ministry of Finance websites, the secondary data is presented and analyzed using STATA 13 and Microsoft Excel. Results showed that agriculture’s share of the total gross domestic product has declined from 35.68 percent to 25.80 percent over the past ten years, while the national gross domestic product has increased by NRs. 2738.98 billion. Despite the country’s growing overall gross domestic product, the agriculture sector only received an average of 3 percent of the entire budget, which is below par with its contribution to the country’s gross domestic product i.e., 30 percent. However, the agriculture sector’s contribution is declining, which shows that other sectors (such as industry and services) are expanding. Additionally, the agriculture sector is growing as a result of increased agricultural production in comparison to previous years. More budget should be allocated to the agriculture sector in the upcoming fiscal years as results indicate that it considerably contributes to the nation’s overall gross domestic product.